The COVID-19 pandemic continues to impact even the biggest companies out there—LVMH reports revenue dropping 10% to 20% in comparison to the same period last year mainly due to temporarily closing its stores. This isn’t the only company that saw drops in revenue in these harsh times. Kering SA, which holds Gucci, Balenciaga, and Saint Laurent, shared Friday that its first-quarter sales will fall nearly 15%, as well as Burberry Group Plc. noting on March 19 that retail sales were down between 40% and 50% in comparison to the previous six weeks.
In a statement, LVMH shared the following message: “In a particularly uncertain environment, the Group will maintain a strategy focused on the preservation of the value of its brands, supported by the exceptional quality of its products and reactivity of its teams. The [outbreak’s] impact cannot be accurately calculated at this time without knowing the timing of a return to normal in these countries.”